Bitcoin holds $ 65,000 after Elon Musk sell-off causes BTC to break Tesla’s market cap

Bitcoin (BTC) held at $ 65,000 on Nov. 8, as the big gain wasn’t affected by Tesla stock (TSLA) losing 5% when it opened on Wall Street.

Bitcoin beats Tesla by market capitalization

Data from Cointelegraph Markets Pro and TradingView show BTC / USD fell $ 900 to $ 65,500 after hitting a high of $ 66,433 on Bitstamp.

The overnight success was dampened by news that Tesla CEO Elon Musk would sell his 10% stake in Tesla, valued at about $ 23 billion, simply because Twitter users voted for him.

Markets reacted cautiously, with the TSLA initially opening at $ 1,150 after closing on Friday at $ 1,221 before embarking on a modest rebound.

Aside from the nine months since Tesla bought $ 1.5 billion in Bitcoin for its balance sheet, Musk’s move had one unintended consequence – Bitcoin overtook Tesla by market cap.

“If the goal is diversification, an alternative strategy to consider is to convert the TSLA balance sheet to the Bitcoin standard and buy $ 25 billion in BTC,” said Michael Saylor, CEO of MicroStrategy. answered Musk’s decision.

“That would provide diversification, inflation protection and more benefits for all investors in a tax-efficient way.”

It remains unclear what Musk will do with the proceeds from the stock sale, which he believes will be his only taxable event since he is not receiving a salary from Tesla.

Crypto market cap copies Ethereum’s all-time high

Meanwhile, the big altcoins are dominated by a new all-time high for Ether (ETH), while other tokens show flat daily progress.

Related: “Resistance Is Futile” – 5 Things To Watch For Bitcoin This Week

The largest altcoin by market cap hit $ 4,768 while other tokens saw flat daily progress, helping push the total crypto market cap to over $ 3 trillion for the first time.

By comparison, its market cap was just $ 400 billion last November.

“US $ 3 trillion is still not much compared to other markets,” said Cointelegraph employee Michaël van de Poppe. To discuss.

“The real acceleration of this cycle is yet to come.”